40 Under 40: The rise of Elevation Capital

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The partners at Elevation Capital take pride in the fact that the venture capital (VC) fund has been an early-stage backer to most of the 11 unicorns—privately-held startups valued at $1 billion—in its portfolio. Even for Mridul, Mukul, and Mayank the investment philosophy is simple: Be a long-term partner and support the founders through thick and thin. Elevation Capital (formerly SAIF Partners), which has over $2 billion in assets under management, has been an early-stage investor to companies such as FirstCry, Just Dial, MakeMyTrip, Meesho, Paytm, ShareChat, Swiggy, Paytm Mall, and Urban Company. Mridul, who joined the VC fund in 2011, leads the fintech and financial services portfolio, having backed startups such as Capital Float, Acko, and Cleartax. Mukul has spent over a decade in the firm and leads investments across consumer tech and SaaS sectors. He was one of the first investors in Swiggy, which is currently valued at $5 billion, besides Meesho and Unacademy. Mayank has led the fund’s investments across social, gaming, healthcare, real estate, and travel for the last decade. Some of his key investments include NoBroker, ShareChat, Treebo, and PropTiger.com.